Opportunistic selling through the life of the vehicle – 58 assets (£63.9m at a profit of £9.7m).

Fund sold in a corporate transaction in October 2014 for £145.4m repatriating capital to investors having produced a fully realised 9.7% IRR, an average income distribution of 4.0% and an equity multiple of 1.6x.

HPUT2: Hansteen UK Industrial PropertyUnitTrust II

– Fully realised within businessplan

Launched in May 2013 with £107m of equity commitments. Aviva was the largest investor.

JPUT with English LP.

Strategy to produce a strong and diversified income return before realising an EXIT and to produce total returns of 12.5 –15% IRR.

Seeded with 24 assets (£49m).

Fully invested with 18 months including gearing at c.50%.

12 individual acquisitions ranging from single asset deals to portfolio acquisitions; and from a spectrum of investor types.

Opportunistic selling through the life of the vehicle – 17 assets (£13.3m at a profit of £2.6m).

Fund sold as a corporate vehicle in May 2015 for £192.1m repatriating capital to investors having produced a fully realised 27.4% IRR, an average income distribution of 7.5% and an equity multiple of 1.4x.

Composition at exit:

76 assets, 988 units, 646 tenants.

3.54m sq. ft. with 11% void floor area.

Approximately 80% industrial, 20% office.

Annual passing rent of £14.3m and a contracted rent of £15.5m per annum.